Hard Capital

Deep autistic investor
Full transparency on my trades

[Hard Capital @HardAlphaX]

Portfolio moves this week:

Full exit $AMD at +350%.
Trimmed half $SOI at +200%. Still holding the other half.
$DELL keeps running, still holding, room to break $500.
Added $KSB: pumps
Added Noritake ($5331): MLCC raw material and equipment supplier.

Current holdings:
$BTC (+350%)
$TSM (+200%)
$DELL (+300%)
$SOI (+150%)
$SMHN (+60%)
$402340 SK Square (+60%)
$03473K SK Inc (+15%)
$6622 Daihen (+10%)
$5631 JSW (-20%)
$5331 Noritake (just added)
$BABA (+35%)
$BIDU (+45%)
$HIMS (+70%)
$KSPI (+10%)
$KSB (just added)

[Hard Capital @HardAlphaX]

@zephyr_z9 Check also Noritake $5331. It has similar MLCC exposure to NCI, BaTiO₃ and electronic pastes via its subsidiary KCM, but adds a second layer of exposure through its sintering furnaces used in MLCC production.

[Hard Capital @HardAlphaX]

@Blinklebloop Check also Noritake $5331. It has similar MLCC exposure to NCI, BaTiO₃ and electronic pastes via its subsidiary KCM, but adds a second layer of exposure through its sintering furnaces used in MLCC production.

[Hard Capital @HardAlphaX]

@elliotrades Where is the alpha? Paying $33 for $7 worth of assets, 300% premium, going into a $2B ATM

[Hard Capital @HardAlphaX]

@alc2022 After the July PCAC meeting, how long do you realistically expect the FDA to make a final decision on adding peptides to the 503A bulk list?

[Hard Capital @HardAlphaX]

@holden_commodor @RogueWayve How do you calculate a P/E of 10x? My calculation gives me closer to +15x

[Hard Capital @HardAlphaX]

@zephyr_z9 Do you know if Noritake supplies equipment or raw materials to Murata and SEMCO?

[Hard Capital @HardAlphaX]

@GutierrezCap_ El post tiene bastantes omisiones:

1.- El GOES solo representa el 3% de las ventas de $CLF

2.- USA importa el 80% de sus transformadores, no tiene capacidad interna de producción

3.- El monopolio se acaba en 2028 con la apertura de la planta de Nippon/US Steel

[Hard Capital @HardAlphaX]

@wallstengine More revenue for $SMHN 🚀🚀🚀

[Hard Capital @HardAlphaX]

@babyfolio What is your target NAV discount? IMO 25–30%.

[Hard Capital @HardAlphaX]

Portfolio moves this week:

Full exit $AMD at +350%.
Trimmed half $SOI at +200%. Still holding the other half.
$DELL keeps running, still holding, room to break $500.
Added $KSB: pumps
Added Noritake ($5331): MLCC raw material and equipment supplier.

Current holdings:
$BTC (+350%)
$TSM (+200%)
$DELL (+300%)
$SOI (+150%)
$SMHN (+60%)
$402340 SK Square (+60%)
$03473K SK Inc (+15%)
$6622 Daihen (+10%)
$5631 JSW (-20%)
$5331 Noritake (just added)
$BABA (+35%)
$BIDU (+45%)
$HIMS (+70%)
$KSPI (+10%)
$KSB (just added)

[Hard Capital @HardAlphaX]

PORTFOLIO UPDATE 💼

Trimmed ½ $AAOI @ ~150% profit 🎯
Added $COPX for copper/AI electrification play ⚡
Added $HIMS peptides reg tailwind +40% short float. Rebound shot 💉

Weight %
$BTC (Bitcoin 💰) → 29.9%
$COPX (Copper Miners ⛏️) → 5.1%
$TSM (Taiwan Semiconductor 🤖) → 10.3%
$ASML (ASML 🔬) → 5.9%
$AAOI (Applied Optoelectronics 💡) → 7.1%
$DELL (Dell 💻) → 7.1%
$BABA (Alibaba 🛍️) → 7.6%
$BIDU (Baidu 🧠) → 5.0%
$BYDDY (BYD 🏎️) → 5.1%
$KSPI (https://t.co/9lV80cKX0p 💳) → 5.4%
$HIMS (Hims 💊) → 6.1%
CASH 💵 → 5.4%

[Hard Capital @HardAlphaX]

Portfolio moves this week:

Exited $BYDDY at breakeven. Low margins and too much competition.

Added Japan Steel Works ($5631): critical steel parts supplier for nuclear and turbines

Sold half of SK Square ($402340) at +40% in one week to rotate into SK Inc ($03473K), which trades at an even larger discount to NAV.

Current holdings:

$BTC (+400%)
$TSM (+170%)
$AMD (+250%)
$DELL (+90%)
$SOI (+150%)
$SMHN (+50%)
$6622 Daihen (+20%)
$5631 JSW (just added)
$03473K SK Inc (just added)
$402340 SK Square (+40%)
$BABA (+40%)
$BIDU (+50%)
$HIMS (+75%)
$KSPI (+5%)

[Hard Capital @HardAlphaX]

@albertrjf @albertrjf el daño ya está hecho

[Hard Capital @HardAlphaX]

I hold positions in both SK Square ($402340) and SK Inc ($03473K), but there is something you need to take into consideration as you have +40% of your portfolio allocated in it.

The man who controls everything is Chey Tae-won (and the chaebol), Chairman & CEO of SK Inc, Chairman of SK hynix, Chairman of SK Telecom, Chairman of SK Innovation, essentially the single point of control over 186 companies and the entire SK Group ecosystem.

His track record:
• 2003: Convicted of $1.3B accounting fraud. Served 7 months. Received full presidential pardon in 2008.
• 2013: Convicted again, this time for embezzling $43M from two SK affiliates to fund personal stock futures trading. The court stated he “used the companies he controls as a criminal tool.” Sentenced to 4 years.
• 2015: Pardoned again by President Park Geun-hye, who cited his “contribution to the national economy.” Released after 2.5 years, during which he continued running SK Group from prison.

But the governance structure goes deeper than one man.
The real decision-making power in SK Group sits with the SUPEX Council, an internal body that coordinates strategy across all 186 SK subsidiaries. No matter who is nominally CEO of SK Square or SK Inc, major decisions on dividends, buybacks, asset sales and capital allocation ultimately flow through the SUPEX Council, under Chey’s direction. The individual CEOs of subsidiaries rotate almost annually and are professional managers, not independent decision-makers.

This is why the Korea Discount exists. The market is pricing in the risk that the earnings generated by SK hynix may not reach minority shareholders in full.

I am still long because the math is becoming impossible to ignore. SK hynix’s cash position is set to grom exponentially. Even if the family captures some of it, the sheer scale forces distribution. Korea’s new Commercial Code reforms (July 2025) now make directors legally liable for prioritizing the parent over minority shareholders. Activist funds (Palliser, Oasis, Dalton) are specifically targeting SK Square’s NAV discount. And SK Inc.‘s board has already approved cancelling 20.1% of all shares in January 2027.

[Hard Capital @HardAlphaX]

Discrepo.

La “durabilidad” no es una ventaja competitiva real.
$RACE y $RMS no tienen MOAT en sentido estricto: sin el logo, el producto no justifica el precio. No hay tecnología propietaria, no hay switching costs, no hay network effects. Fragilidad disfrazada de lujo, solo hay percepción de exclusividad.

De hecho, la mayoría de la gente probablemente no sabría distinguir entre una buena imitación y un bolso auténtico de $RMS.

Además, basar el modelo de negocio en vender productos de menor atractivo para dar acceso a ediciones limitadas se parece más a un esquema Ponzi que al modelo de una compañía de calidad.

Por si fuera poco, $RACE está dispuesto a cargarse lo único que tiene, su imagen de marca.

Sinceramente, no entiendo por qué un inversor querría pagar múltiplos de +35x beneficios cuando hay compañías de muchísima más calidad, con ventajas competitivas reales, cotizando a 20 veces beneficios.

[Hard Capital @HardAlphaX]

X-FAB’s GaN platform uses depletion-mode (dMode) architecture. Datacenter power conversion has standardized on enhancement-mode (eMode) GaN because eMode is normally-off, safer, simpler gate drive circuitry, easier to design with.
Navitas, GaN Systems (now Infineon), and Power Integrations all use eMode. X-FAB’s dMode GaN is not interchangeable, it requires completely different circuit topology. No datacenter power designer is going to redesign their reference architecture around dMode GaN when the entire industry ecosystem of drivers, controllers and reference designs is built for eMode.

[Hard Capital @HardAlphaX]

Example: SK Inc. preferred $03473K

SK hynix is expected to make +$40B net profit next quarter.

SK Inc. owns 31.5% of SK Square, which owns 20% of SK hynix. It also builds hynix’s factories through SK Ecoplant, and owns 30% of SK Telecom, which holds ~0.35% of Anthropic.

NAV Sk Inc: +$80B
Market cap at preferred stock price:$20B
Discount to NAV preferred: ~75%

The board has already approved cancelling 20% of all shares in January 2027.
Korea’s new governance reforms are forcing holdcos to distribute cash.
Activist funds are already pushing.

At some point a massive dividend will be received, or the stock has to go up.

[Hard Capital @HardAlphaX]

@blondesnmoney Do not forget SK Inc. preferred $03473K
75% discount to NAV 💀

[Hard Capital @HardAlphaX]

Good find, but worth flagging the business model:
EPC, not a product manufacturer. That means:

Projects execution risk (delays, cost overruns, client concentration), and scaling is much harder, you can't grow revenue without growing headcount and contracts in lockstep.

That said, solid business, clean balance sheet, and real tailwinds.

[Hard Capital @HardAlphaX]

@watoulsky +50% desde entonces, muy buena empresa

[Hard Capital @HardAlphaX]

@IPCastelblanque ¡De nada! Aunque se ha disparado +50% en tres semanas, creo que $SMHN todavía tiene margen para seguir subiendo.